Choosing the right credit card to suit your needs is such a daunting task brought by diverse product developments in a competitive financial marketplace.

Banks differentiate their cards according to colour. Classic and regular cards are not as imposing or opulent in appearance, while premium credit card options come in platinum, gold or black.

Do these premium credit cards live up to their prestige and really offer you best bang for your buck?

1. What Is A Black Credit Card?

Most banks in Australia and around the globe advertise their black card as a premium product. So, what exactly are black cards?

Black cards are the most exclusive credit cards on the market and are solely reserved for the ultra-wealthy. Typically, these cards are available on an invitation-only basis. These rare, top credit cards which are often in the pockets of the world’s wealthiest citizens, have a higher spending limit. A higher spending limit means fairly steep annual fees that range from $495 to $2,500. Black cards also come with greater opportunities for point rewards as well as a bunch of other luxurious perks to sweeten the deal.

2. Who Are Qualified For A Black Card?

Since most of the requirements of those invited to become cardholders remain unknown, it’s hard for outsiders to know exactly who can or how to qualify for an invitation to apply for these exclusive cards. But here are some qualifications worth looking into:

High-income individuals; given that a middle-class income is $200,000, individuals with income of $200,001 and above.
Responsible people; you can easily reduce your finances to dust with the card’s naturally larger line of credit. Responsibility can be measured by a credit score no lower than 760. Those who demonstrate the historical ability to pay their bills on time are prime candidates.

People who aren’t in consumer debt; potentially adding more debt is not such a smart thing especially with a black card’s sky-rocketing fees and interest rates.

3. Features of Black Credit Cards

Owning a black card may be considered as a status symbol, but it can also be unique and helpful if you actually use the perks. Here are some black credit card features worth considering:

  • High credit limit of up to $100,000 in some cases
  • High yielding rewards and points programs
  • Cash-back bonuses
  • Worldwide acceptance
  • Free insurance cover
  • Travel insurance
  • Flight and hotel upgrades
  • Complimentary hotel accommodation
  • Complimentary access to premium airport lounges
  • Personal concierge services including entertainment planning, business services, gift arrangement, travel information and assistance
  • Exclusive promotions and invitations to special events
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